A Certificate of Origin is a crucial document required in international trade, stating the country from which a parcel of goods originated and often determining the applicable import duty.
The refund of import duty by HM Revenue and Customs when imported goods are re-exported. Payment of the import duty and claiming the drawback can be avoided if the goods are stored in a bonded warehouse immediately after unloading from the incoming ship or aircraft until re-export.
Import duty is a type of tax levied by a government on goods brought into the country from abroad. It is aimed at regulating international trade, protecting domestic industries, and generating revenue for the government.
The Infant Industry Argument is an economic rationale for implementing trade protection measures to allow emerging domestic industries to establish and grow without the pressures of international competition.
